Tips for First-Time Home Buyers in Brooklyn

Moving to Brooklyn should be exciting! After all, New York is the best city in the world. Who doesn’t dream of living here? But buying your first apartment or house can be daunting. And doing it in one of the most competitive real estate markets in the world is even scarier. We don’t blame you for being terrified. That’s why we’ve put together a few useful tips for first-time home buyers in Brooklyn. These handy tricks will help you feel more prepared, comfortable and at ease with buying your first home.

The New York real estate market

With an ever-growing population that currently numbers more than eight and a half million people, New York City is the largest metropolitan area in the United States and one of the most populous cities in the world. It’s no wonder then that finding a place to live in any of the five boroughs (Brooklyn, Manhattan, Queens, the Bronx or Staten Island) is not easy. But finding the perfect place is only half of the struggle. The bigger issue is being the one to actually own it. Real estate in New York is very expensive with the median home value more than double the national average. Despite this, competition is fierce. Once you find a place you like, be ready to fight for it because odds are you won’t be the only one bidding on it!

You are looking at one of the most competitive real estate markets in the world.

Tips for buying your first home in Brooklyn, New York

As you can see, first-time home buyers in Brooklyn face more challenges than most. But that doesn’t that your dream of moving to Brooklyn is dead! Brooklyn is one of the more affordable areas of New York. And it has a wide variety of different types of real estate to offer. This makes it a perfect place to look for your first home in New York. There’s bound to be something that fits your needs and your budget both. The trick is finding and getting it!

Tips for First-Time Home Buyers in Brooklyn: set a budget and save up

The first step to buying your new home is deciding how much you can spend. Just like you will need to set a budget for statue movers NYC and art handlers before you choose a moving company, you must know your budget before looking at real estate. Otherwise, you might end up falling head over heels in love with a place that is way beyond your financial capabilities. This is absolutely a real possibility when you consider New York real estate prices.

Keep in mind that down payment on an NYC apartment or house is usually 20% of the purchase price. This translates to six-figure sums even in Brooklyn. Closing costs which you are expected to pay in cash will add another 3-5.5% to the purchase price. Either way you look at it these will be enormous expenses. So you must be absolutely certain of what you can afford before you dive in. And don’t forget to skimp and save everywhere you can as you prepare to buy your first Brooklyn home. Every penny will count in this case!

Figure out your finances before looking for a place in Brooklyn.

Tips for First-Time Home Buyers in Brooklyn: get your finances in order

Are you seeing a theme here? If not, let’s make it very clear: for first-time home buyers in Brooklyn, money is one of the biggest concerns. So unless you are the world’s newest billionaire, you are probably counting on a loan. Whether you get a loan and how big of a loan you can take out depends largely on your credit score. The higher your score, the better. If you don’t know your credit score, it may be time to talk to your financial advisor or contact your bank to ask about it and find ways to improve it if need be.

And while you’re already taking a closer look at your finances, you may want to get preapproved for a loan. That way you will know exactly the kind of money you are working with and any offers you do make will be taken more seriously. The simple process only takes 24-48 hours so there’s no reason why you wouldn’t go through with it!

Tips for First-Time Home Buyers in Brooklyn: keep an open mind

We know you probably have a picture of the perfect home in your head. But that’s not the mindset you want when looking for a place in Brooklyn. Especially if you’re moving on a tight budget and looking at neighborhoods with lower prices, you want to keep an open mind. Brooklyn has a huge variety of different types of apartments and houses. You never know what you might fall in love with if you just let yourself!

Brooklyn offers a wide variety of real estate options.

Tips for First-Time Home Buyers in Brooklyn: prepare for the worst

So you’ve found the perfect place and you’re more than ready to move in. Great! But you may want to hold off on getting that moving quote for just a little while longer. In Brooklyn, putting in an offer isn’t always a sure thing. Bidding wars are not uncommon and you should prepare to lose some. Don’t despair though. In New York, you can always find something even better!

Tips for First-Time Home Buyers in Brooklyn: get professional help

If you haven’t bought a home before, there is no way you will be prepared for the whole process. Luckily, there are people whose job is to help you through this! So hire a buyer’s broker to represent you. It will take a lot of stress off you and will be well worth the money.

Most importantly, don’t give up!

The most important thing to remember is that you don’t give up. At times, it may seem like no place in all of New York suits both your needs and your abilities. And you may end up losing out on a few places you do like. But we promise that it will all be worth it in the end. When you walk through the door of your first home in Brooklyn with the keys in your hands and your name on the lease, it won’t be hard to forget all the troubles you’ve had and just enjoy your new life in the best city in the world!